requirements: FHA-Approved Condo List
- 02/10/10 04:47 AM
Consumers may search the database for FHA approved condos at entp.hud.gov. However, this should only be considered a starting place since approval guidelines have been tightening, and the database may not fully reflect these changes. Current requirements include: *Complex must be at least 51% owner occupied.*No one entity can own more that 10% of the units.*Only 50% or less of the units can have FHA insured loans (concentration).*Less than 15% of the units can be in behind more than 30 days on association fees.*HOA must carry specific insurance on the complex (see Letter B below) For detailed information read the Mortgagee Letter … (0 comments)
requirements: Raising of FHA Guidelines for Spring 2010
- 01/22/10 09:41 AM
Source: HUD.gov January 20, 2010 the Federal Housing Administration (FHA) announced the following changes coming this spring to FHA loans: *Upfront mortgage insurance premium (MIP) raised from 1.75% to 2.25%*Borrowers with FICO scores below 580 will have a required downpayment of at least 10%*Allowable seller concessions lowered from 6% to 3% (seller concessions meaning the amount of closing costs the seller can pay on behalf of the buyer) Commissioner David Stevens explained "Striking the right balance between managing the FHA's risk, continuing to provide access to underserved communities, and supporting the nation's economic recovery is critically important. When combined with the … (0 comments)
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